Hammer specialist store in Neustrelitz: Insolvency, but security for employees!

Hammer specialist store in Neustrelitz: Insolvency, but security for employees!

The Brothers Schlau group of companies has filed for bankruptcy, and this also affects the well-known Hammer specialist store in Neustrelitz. At the end of June, the Bielefeld district court gave the green light for self-administration insolvency proceedings. What exactly does this mean for the approximately 3,900 employees and customers in the region?

A restructuring concept is to be implemented with the aim of securing the company's sustainable future. Key figures in this process are lawyer Dr. Yorck Streitbörger, who was appointed general representative, and Prof. Dr. Dirk Andres, who acts as interim administrator. Both will monitor self-administration and ensure that the company's interests are in line with the interests of the creditors.

Business operations remain active

Good news first of all: The Hammer specialist store in Neustrelitz is continuing its business operations without restrictions. The company's headquarters emphasizes that no one will lose their job. In addition, employees' salaries are covered by insolvency benefits from the Federal Employment Agency up to and including August 2025, which takes away a worry for many.

A total of twelve Hammer specialist stores are affected in Mecklenburg-Western Pomerania, including in cities such as Waren, Neubrandenburg, Greifswald and Stralsund. There are also twelve other locations in Brandenburg, for example in Prenzlau and Schwedt. In the past, a Hammer specialty store in Schwerin had to close in August 2022 due to economic difficulties, which increased the uncertainty surrounding the brand.

A look into the company's history

The Brüder Schlau group of companies was founded in 1921 as a paint wholesaler in Minden and subsequent institutions such as the Hammer furnishing stores had their premiere in 1976. With over 180 branches for interior furnishings and home textiles, the chain is now one of the larger suppliers in Germany. Around 60 craft markets under the Schlau brand are also affected by the bankruptcy, which illustrates the scope of this situation.

What are the company's prospects? In a self-administered insolvency like this, there is a chance of restructuring and a return to economic success. The current financing concept could play a key role in setting the course for the future.

Insolvency proceedings are by no means the end, but often a new beginning for many companies that are facing financial challenges. The aim of these procedures is to restructure the companies and put them on a positive course. IHK competence explains that if there is a prospect of economic recovery, a restructuring process can be considered.

So it remains exciting to see how the situation around Brüder Schlau GmbH and the Hammer specialist stores will develop. For everyone involved it’s time to keep their fingers crossed!

You can find more information on this topic at Northern Courier and n-tv.